Revista de Economie Mondiala/ Journal of Global Economics

18-48

Authors: Agnes Ghibuțiu

This article takes stock of the main developments that have marked the global trading system in the more recent period in order to shed light on their relevance and consequences from the perspective of multilateral cooperation in the field of trade. The analyses carried out within the six sections of the paper aim to assess: (i) the significance of the last WTO Ministerial Conference for trade multilateralism; (ii) the rise in the bilateral and regional trade agenda in response to the visible signs of withdrawing trade multilateralism; (iii) the dynamics and patterns of post-crisis protectionism; and (iv) the relevance of the recent escalation of US protectionism for the global trading system and the international order. According to our findings, multilateral trade cooperation is on the path of a marked retreat, while trade protectionism is on an obvious offensive, largely supported by the protectionist policy stance promoted by the US administration.

70-81

Authors: Manuela Unguru

This article argues for the need and importance of acquiring the appropriate education and competences to better deal with the new skills and challenges raised for the labour market by the disruptions induced by the Fourth Industrial Revolution. The importance of increasing the participation of people in lifelong learning (LLL) is also recognized at the level of public policies in the European Union, as one of the objectives of the Europe 2020 Strategy, meant to contribute to reducing unemployment, poverty and social exclusion and to inclusive growth, respectively. However, in order to achieve the assumed target of 15%, the share of the population participating in the LLL should increase on average by 11% annually over the next three years. This is an unrealistic pace for several reasons, as demonstrated by the analysis of the current situation and the developments in the last decade carried out in the paper. The situation in Romania is also highlighted by discussing the determinants of the current picture, where the indicator is almost ten times lower than the national target.

18-41

Authors: Agnes Ghibuțiu

In December 2017, the EU and Japan announced the conclusion of the final talks on their comprehensive Free Trade Agreement and Economic Partnership Agreement (EPA) respectively, negotiated since 2013. The EPA comes at a time when the international rules-based order and open trading system are facing the biggest challenges since their establishment in the aftermath of WW2. After a brief overview of the components of the new EPA, this paper highlights its economic, commercial, and geostrategic significance, and also assesses its implications for the EU and Japan, as well as the USA, and globally. According to its findings, in addition to the substantial potential economic benefits for the EU and Japan, the new agreement will trigger considerable geopolitical effects. Not only will it place the EU and Japan at the forefront of global trade liberalization and rulesetting, but it is also likely to have a beneficial influence on US trade policy. Yet, the current world order and the global trading system are still in flux, and their future is fraught with uncertainty.

61-75

Authors: Sarmiza Pencea

To continue its advancement towards the statute of a developed economy, China has to reinvent itself. Its still underdeveloped tertiary sector seems to have the potential to substantially contribute to meeting this imperative, but is it trully able to become the new driver of growth? This article looks at the essential aspects of the services sector’s current condition, as well as the strategies and policies that are addressed to it, alongside the successes it has already achieved and the challenges it still has to face. It concludes that services will become the backbone of the Chinese economy in the long run, yet generating a slower growth rate than manufacturing did in the past. However, in the short and medium-term the tertiary sector will still have a difficult transition to undergo, in which productivity improvement through structural modernization, market opening and acceptance of increased and loyal competition will be the touchstones.

12-31

Authors: Iulia Monica Oehler-Șincai, Alina Ligia Dumitrescu

This article analyzes the objectives, advantages, challenges and prospects of the Sino-Polish strategic partnership in the larger framework of the 16+1 platform. The historical context of the cooperation between the two countries, as well as the catalysts of the current bilateral relations are presented in parallel, with an emphasis on the economic side. The qualitative analysis highlights the asymmetries underlying the bilateral relationship, reflected by political culture, trade imbalances, size of the economies, and different communication, competition and market access models. Nevertheless, Poland's economic development is seen by China as ”a success story of transition to market economy and European integration”, which creates the prerequisites for an economic alliance with solid foundations.

49-65

Authors: Robert-Ionuț Dobre

Real economic integration and rapid convergence of all European Union (EU) countries are both the most important medium-term objective and the most important instrument for curbing current centrifugal trends. This article aims to address the degree of integration of the EU countries from a macroeconomic perspective by analyzing some of the major indicators statically and dynamically. It concludes that integration is a long-term process that requires significant efforts from all the actors involved. Furthermore, the objective of the macroeconomic convergence process must be the welfare of all EU citizens

20-39

Authors: Sarmiza Pencea

In recent years, China has engaged in a complex economic rebalancing process, which includes three large and interrelated categories of reform packages: reforms addressed to rebalancing demand, to restructure supply and to geographically balance the country’s development. As part of the supply-side restructuring endeavour, the reform of manufacturing is an unavoidable component of the transformation that the Chinese economy will undergo up to the half of the current century. On its depth and magnitude will depend both the success of China’s transition to the status of a developed economy, and the health, balance and well-functioning of world markets and the world economy as a whole. This article demonstrates the importance of reforming Chinese manufacturing, it delineates its current landscape alongside its major issues, and looks at China’s new industrial strategy, with its distinctiveness, aims and challenges ahead.

53-66

Authors: Dorina Clichici

The purpose of this article is to briefly analyze the current situation in the health system in Romania and to identify its deficiencies and gaps in comparison to other EU Member States. The research is based on the analysis of health indicators with an impact on growth and development, which are structured around three pillars: efficiency of the national health system, level of development and resilience of the system, and accessibility of the health system. The paper highlights the fact that, despite all the reform steps made so far,the current public health system in Romania is inefficient and poorly financed, and is characterized by an exodus of doctors abroad, a poor health of the population and a low access of the population to health services compared to other European countries.

76-85

Authors: Victoria Folea

Starting from 2004, the countries from Central and Eastern Europe (CEE) joined the European Union (EU) and became the group of “new” member states. They participated as full members in the EU framework programmes for funding research and innovation for over thirteen years, including Horizon 2020(2014-2020). Although their participation in EU programmes for research and innovation is not different from the „old” EU member states (EU-15), there are however differences in terms of number of successful projects winning European competitions and of EU funding attracted for R&D activities. During the last years, however, differences within the group of CEE countries have also become apparent, with some of them emerging as truly research-intensive. The present paper analyzes the participation of CEE countries in Horizon 2020 from the perspective of EU and national funding for R&D and innovation activities, and the European research projects won in Horizon 2020 competitions, with the aim of establishing which of them are the most active and successful in research and innovation, nationally and at the European level.

19-35

Authors: Dorina Clichici

The purpose of this article is to identify the main differences and similarities between the European Central Bank (ECB) and US Federal Reserve (FED) in terms of their functional framework and monetary policy. The research is based on a comparative analysis of the history of establishing the Eurosystem and the Federal Reserve System, which has influenced the way these central banks operate today. It also analyzes the policy responses of the two institutions to the 2007 global financial crisis, since both their non-conventional policy measures and the effects thereof on growth, inflation and unemployment rates were slightly different. The paper finds that there are differences between the ECB and FED rather regarding the organization and functioning of the Committees for monetary policy and monetary policy objectives than the institutional structure and policy framework.

49-66

Authors: Petre Prisecaru

Two-speed or multi-speed Europe and other concepts related to differential or flexible integration occurred in the 90's after Maastricht, and led to the introduction into the Treaties of some provisions on enhanced cooperation. After the failure of the Constitutional Treaty, and especially after the strong shock triggered by Brexit, the idea of a two-speed Europe came up again, leading to Scenario No. 3 (out of 5) advanced by the President of the European Commission regarding the EU evolution until 2025, presented on March 1, 2017, and promoted by the hard core of the European Community, but not endorsed by countries outside the euro area. In Rome on March 25, 2017, EU Member States have expressed their intention of joint action, with different paces and intensities where necessary, but going in the same direction as in the past, in accordance with the Treaties and keeping the door open to those wishing to join later.